• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 2 days Once seen as fleeting, a new solar tech proves its lasting power
  • 6 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

Oil Should Stay In Triple Digits: Analyst

Venezuela’s Maduro Reshuffles Senior Jobs At PDVSA After Energy Emergency

Nicolas Maduro has appointed four new vice presidents at Venezuela’s state oil firm PDVSA and a new president of the unit managing the company’s relations with private foreign firms, PDVSA said on Saturday, a week after Maduro declared an energy emergency in the country.

At the end of February, Maduro declared emergency for the country’s oil industry, calling for measures to ensure Venezuela’s energy security.

“I declare an emergency situation in the oil industry by constitutional and presidential decree in order to take urgent and necessary measures to ensure the country’s energy security and protect the industry from imperialist aggression,” Maduro said.

According to Maduro’s latest orders, German Márquez becomes the new president of Corporación Venezolana del Petróleo (CVP), the unit handling PDVSA’s joint ventures with private firms.

The move comes two weeks after the United States stepped up pressure on Venezuela’s oil trade by sanctioning a unit of Russian oil giant Rosneft.

At the beginning of February, the U.S. warned companies doing business with Venezuela, including Rosneft and even Chevron, to “tread cautiously towards their activities in Venezuela,” because more sanctions on Maduro’s regime would be coming.  

Two weeks later, the United States slapped sanctions on a Geneva-based trading unit of Rosneft, saying that the company Rosneft Trading has been helping Maduro’s regime to evade sanctions and to continue selling oil to keep the regime alive.

Now the U.S. Administration is looking to further increase the pressure on Venezuela’s oil industry and exports.

“The President has made a decision to push harder on the Venezuelan oil sector and we’re going to do it. And what we’re telling people involved in this sector is that they should get out of it,” Elliott Abrams, U.S. Special Representative for Venezuela, told Reuters in an interview last week.

The Trump Administration is considering whether to extend the waiver to Chevron in light of the increased sanctions pressure on Venezuela, Abrams told Reuters, but declined to comment on specifics.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News